In the new issue of Regulation, economist Pierre Lemieux argues that the recent oil price decline is at least partly the result of increased supply from the extraction of shale oil. The increased supply allows the economy to produce more goods, which benefits some people, if not all of them. Thus, contrary to some commentary in the press, cheaper oil prices cannot harm the economy as a whole.

Two long wars, chronic deficits, the financial crisis, the costly drug war, the growth of executive power under Presidents Bush and Obama, and the revelations about NSA abuses, have given rise to a growing libertarian movement in our country – with a greater focus on individual liberty and less government power. David Boaz’s newly released The Libertarian Mind is a comprehensive guide to the history, philosophy, and growth of the libertarian movement, with incisive analyses of today’s most pressing issues and policies.

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Barack Obama, Leninist?

In his much-discussed New Yorker article on the strategy memos that have shaped the Obama administration, Ryan Lizza writes:

Most of Obama’s conservative dinner companions from his evening at George Will’s home now describe him and his Administration in the most caricatured terms. Will declared Obama a “floundering naïf” and someone advancing “Lenin-Socialism.”

Really? Mild-mannered George Will compared President Obama to Lenin? That set off my skepticism meter. So I summoned the vast fact-checking resources of the Cato Institute and Googled the phrase. Which quickly turned up this video:

And as you can clearly hear at 1:30, Will isn’t saying “Lenin socialism.” He’s making the much milder and entirely valid charge of “lemon socialism,” which he described as “transferring wealth from the successful to the unsuccessful.” That’s an old term for the government takeover or bailout of failing firms. On the left it’s often described in terms such as “socialism for the rich, capitalism for the poor” or “privatizing profits and socializing losses.” People on the right deplore the practice of bailing out unsuccessful firms with taxpayers’ dollars.

Where was the skepticism of a New Yorker reporter when he thought he’d found the prudent, mild-mannered George Will comparing the president to Lenin? Where were the famous New Yorker fact-checkers? Some things, I guess, are just too good to check. So to answer the question in the title, Is Barack Obama a Leninist? No, just a lemonist.